Total amount raised
$93.9 Millions
Latest funding date
03/01/2022
Location
Socotra has successfully raised funds through multiple rounds, with its latest being a Series C round closed on March 14, 2022. The company has garnered the support of 20 investors, including Nationwide Ventures and Insight Partners.
Keep reading to explore the intricacies of Socotra's fundraising journey and the investors backing this innovative platform.
What Is Socotra?
Socotra, founded in 2014 by Dan Woods, is headquartered in San Francisco, California. The company operates within multiple industries, including enterprise software, financial services, information technology, insurance, and InsurTech.
With an employee count ranging from 101 to 250, Socotra offers a modern cloud-based platform tailored for technology-driven insurers. The platform is designed to be transparent, reliable, flexible, and secure, enabling insurers to rapidly develop and distribute products that better serve their customers.
How Much Funding Has Socotra Raised?
- Seed Round
- Amount Raised: $7M
- Date: September 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop the initial version of its platform.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue product development and early market testing.
- Series A
- Amount Raised: $5.5M
- Date: September 2018
- Lead Investors: 8VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and expand the customer base.
- Series A
- Amount Raised: $5.2M
- Date: February 2019
- Lead Investors: 8VC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance the platform and support growing customer demand.
- Series B
- Amount Raised: $15.2M
- Date: January 2020
- Lead Investors: Brewer Lane Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and expand market reach.
- Venture Round
- Amount Raised: $11M
- Date: January 2021
- Lead Investors: Portage Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support international expansion and enhance customer success infrastructure.
- Series C
- Amount Raised: $50M
- Date: March 2022
- Lead Investors: Insight Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product functionality, broaden reach in Europe and Australia, and extend ecosystem capabilities through Socotra Marketplace.
Total Amount Raised: $94.9M
Current Valuation: Not publicly disclosed
Key Investors
- Insight Partners
- Details: Insight Partners is a global venture capital and private equity firm that invests in high-growth technology and software companies. Founded in 1995, the firm has raised more than $30 billion in capital commitments.
- Investment Focus Areas: Technology, software, internet businesses.
- Notable Investments: Twitter, Shopify, DocuSign.
- 8VC
- Details: 8VC is a venture capital firm based in the United States, focusing on building and investing in transformative technology companies. The firm is known for its investments in early and growth-stage companies.
- Investment Focus Areas: Enterprise software, healthcare, logistics, financial services.
- Notable Investments: Palantir, Wish, Asana.
- Portage Ventures
- Details: Portage Ventures is a venture capital firm that invests in early and growth-stage financial technology companies. The firm aims to support innovative fintech startups.
- Investment Focus Areas: Fintech, insurance technology, financial services.
- Notable Investments: Wealthsimple, Borrowell, Clark.
- Brewer Lane
- Details: Brewer Lane is a venture capital firm that focuses on investing in the insurtech and fintech sectors. The firm supports early-stage and growth-stage companies.
- Investment Focus Areas: Insurance technology, financial technology, digital health.
- Notable Investments: Ladder, Cape Analytics, States Title.
- MS&AD Ventures
- Details: MS&AD Ventures is the corporate venture capital arm of MS&AD Insurance Group. The firm focuses on strategic investments in innovative companies.
- Investment Focus Areas: Insurtech, fintech, digital health.
- Notable Investments: Next Insurance, Trov, Lemonade.
What's Next for Socotra?
Socotra's future is brimming with opportunities, driven by its recent $50 million Series C funding. The company plans to expand its product functionality and broaden its reach in Europe and Australia. This expansion is expected to significantly enhance their customer success infrastructure and extend ecosystem capabilities through the Socotra Marketplace.
Given the rapid growth and the increasing demand for insurtech solutions, future fundraising opportunities seem promising. Socotra's innovative platform positions it well for additional funding rounds to support further growth and development. However, the company may face challenges such as scaling operations, navigating regulatory environments in new markets, and maintaining a competitive edge in a rapidly evolving industry.
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